The buyer submitted his application in January for the HOA association and yesterday I receive a letter saying that the sale cannot proceed because the home must be sold to a person.

asking price was 195K I counter-offered with 185K based on my calculations (NOI,Cap rate and other numbers to truly calculate how much the fourplex is worth based on the NOI)I have self-mastered the ways of calculating investments/rental properties to know how much is the right price, to know if I am submitting an offer at a discount, to know if I am submitting an offer at a premium, etc.some of the books i have read is the millionaire  real estate investor but found it rather basic, since it is common sense generally.I am in this for real estate venture for the long haul, everyday I am thinking about it, that's what keeps me going and pushing, it is fun.

get a pre-approval first as you will want to submit a pre-approval letter with your offer.

The seller has to submit a packet of information to the bank along with the buyers offer. it took about 45 days to here back from the sellers bank, who accepted the offer (everyone i've talked to about it seems to think this is pretty quick turnaround for the bank) once the bank agrees to the offer it becomes the same as any other property under contract.Here is a link to a basic short sale timeline that I found helpful during the process.http://homebuying.about.com/od/shortsale/f/What-Is-An-Average-Timeline-For-A-Short-Sale.htm

You have to submit bank statements when applying for a loan.

. - Yes, as others stated, you are responsible for collecting any TOT (transient occupancy tax) and submitting appropriately.

The house had been sitting 30 days and prior to making my offer yesterday  he informed my realtor no other offers had been submitted.  

When you submit an offer to lease a space, build the case that you're going to be great tenants. 

After that once all your documents are received your file is submitted into underwriting where you then get pre-approved. 3.)

I actually submitted something on Suntrust's site asking about it.